To recap. This is the type of trade that has reflected why I have been successful this year. The objective of this trade failed. I had hoped for a break of 110 a move to 115 or beyond. Two failed attempts at 110 have now occurred and I still exit with a respectable profit.
What has worked is that I've consistently bought low ends of ranges, The reversal candle was my buy signal as it coincided with a bounce off the 20MA. I chose not to give this another chance at the 110 as the market overall looks weak and breakouts have not had much momentum behind them.
Now the bad:
In at $155.50
Out at $152.18 - $3.32 or 2.14% .6R loss
I did not like the bearish reversal. Although I thought this has potential the market forces are not aligned right now. I kept the loss small. Other than that not too much to say about this one.